$339 Million Jet Airways-Etihad Deal Gets Green Light from Indian Government
India approved Jet Airways plan to sell a 24% stake to Etihad Airways, a move that will allow the deal to proceed. The transaction was announced in April, when it was approved by Jet Airways’ board of directors. It was delayed for six months while Indian regulators sought assurances that Etihad would not try to gain control of the airline.
Jet Airways is India’s second-largest airline. It was founded in 1992 and began commercial flights in 1993, with primary hubs in Mumbai and Brussels, Belgium. The airline operates over 1,000 daily flights to 76 destinations.
The country’s minister for civil aviation, Ajit Singh, told reporters that the deal is “good” for India’s civil-aviation market and for passengers.
Last September, India’s government changed the rules for foreign ownership of airlines. A foreign carrier can buy up to 49% of an Indian airline. Foreign airlines were previously banned from investing in a domestic airline.
(Photo: Accura Media Group)